Congratulations on making the decision to become a homeowner. As a first time home buyer in Brampton, there are some important steps that need to be taken during the mortgage process. Although this is an exciting time, it can also be overwhelming if you are not aware of how everything works.

To help you get organised and to ease your transition into homeownership, Lotus Loans & Mortgages have made a list of the top 5 tips for getting a mortgage.

  1. Apply Now

    2. Once you have shopped the residential market and you have found your dream home, you can then start the mortgage application process. Make sure you are organised with all your financial documentation to help make the application run smoother. These documents include, but are not limited to, your income, credit report, debts and assets.

  2. Home Inspection

    3. You have found the house you love, but now you need to make sure there is nothing wrong with it. Just because something may appear new does not mean it is working properly. Order a home inspection before your closing date so you know exactly what needs to be fixed because the house is placed in your name.

  3. Be Honest

    4. Your mortgage broker is here for you. Do not try and hide any blemishes on your financial record for fear of disapproval. Your broker will need to know the history of your finances and any poor credit you may have. This does not mean you will be unable to get a loan, it just means your broker will work that much harder so you still leave satisfied.

  4. Picking Your Loan

    5. Looking for a Brampton mortgage can be a daunting experience. It will help if you are familiar with the different loan options on the market. Your mortgage broker will educate you on the different services and rates available, but the more familiar you are with these services the more likely you will be confident in your decision.

  5. Avoid Big Purchases

    6. Once you have started the home loan process, avoid making any other big purchases. Taking on more debt when you are trying to sign home loan can slow down or potentially hurt your application.

Buying a home is an exhilarating time, but it does not have to be a traumatic one. Following our 5 step guide in the mortgage loan process can help save you time and stress. So don’t wait, call your local mortgage broker in Brampton at 905-791-1100 to get started today.